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EDAC Technologies inks three long-term contracts worth $58 mln

Published: 18:00 13 Mar 2012 GMT

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Diversified manufacturer EDAC Technologies Corp. (NASDAQ:EDAC) reported Tuesday it has inked three long-term contracts valued at $58 million, lifting its share price.

The maker of component parts for the aerospace, commercial and military sectors said the agreements now boosts its backlog to $310 million, up from $252 million at the end of its fiscal 2011 year.

EDAC noted it expects to deliver approximately $260 million to $280 million of its current $310 million backlog within the next three to five years.

The news sent the company’s share price up 13.05 percent to $13.17 in trade on the Nasdaq on Tuesday afternoon.

The company said it has struck a five-year contract with Volvo Aero to make rotating disks, compressor hubs and other parts for an engine program used in Boeing aerial refuelling tanker aircraft.

EDAC Technologies said that based on projected volumes, the agreement is valued at about $29 million through 2017.

Additionally, EDAC has entered a four-year agreement with a division of GE Aviation to provide booster cases for two engines used on the Boeing 747 and Airbus A330. The deal, based on projected volumes, is valued at $13 million through 2015. 

Finally, Rolls-Royce Canada has renewed its contract for another five years. The company will produce rotating components for ground-based turbines in power generation. The extended contract is worth $16 million through 2016.

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